When do you know to buy one?

I come from a sensible upper-middle income family I guess. My mother works and dad owns his own business. We live comfortably, and I was lucky enough to get given my first car (lancer). However we are in no means able to own a super car in our garage. Something that I aspire to one day. Through my ex partner I have come to hear of many kids who have had Ferrari's, M6's, AMG'S etc as their first and second cars. Many of whom tend to crash them. At 20, i envy these kids, because simply put that kind of money would pay for a great investment for themselves. Then again they wont ever need it. I will have to take out a loan to do the same thing.

For my 21st I have asked my parents to be collateral on a bank loan for me. I am grateful that I have that opportunity. If i was in your shoes I would be grateful for that mid-priced car and using the difference between that and a Ferrari to set yourself up.

At the end of the day your parents have worked to provide for you. And I am not one to judge you on that, or hold that against you. Just hope that whatever you decide you feel fulfilled on your decision.

Ryan...

 

This is exactly what happens when you grow up and have everything handed to you...18 years old, considers a G35 an average car, has the choice of a bunch of 40K cars at home, has a house bought for him, ill put money on it that he gets everything he needs and doesnt know what stress is and has never really earned anything for himself. The fact that his dad is even considering this makes me question whether or not he has his head screwed on right.

 

Some things I learned from my dad, some I didnt. My dad was teaching me to change brake shoes and wheel cylinders when I was 8 years old. How to change spark plugs and gap them. But while he knew his way around an airplane, he really didnt know that much about cars. I knew more at 8 years old, than he did. Thats no BS. At 10 I was taking small engines apart, just to take them apart. At 13 I was using a dwell meter to set points. These older guys owned this crap but didnt have a clue how it worked, couldnt or wouldnt ever read a book or manual. So I would take it away from them and jump up on thier motor and fix it. I knew, (and still do) the firing order of most V-8 motors at 11 years old. Its funny how many cars were thudding around on miswired engines.

I look at old pictures of Enzo Ferrari, and he is dirty. He has greasy hands and dirty fingernails. His best friends are filthy dirty oily mechanics. Guys who arent afraid to jump under a car dripping oil, and lay in mud or grease to cobble something together. Nice to see everything so boutique clean today, NOT!

Kid, your dads going to hand you $50K to go blow? Buy some land. Land always appreciates, and is always in demand. Cars and houses usually are not and require maintenence. If you really want a Ferrari, and you really want to learn something, and use your dads money to its best advantage, buy a project and fix it yourself. In a year or two when it runs, even if your dad was who financed it, you will at least be able to say its yours, your work. I aint talking no spit shine, I am talking pull the motor, overhaul everything, and paint. Do as much as you can yourself, and you will have learned more about a Ferrari than 80% of the guys yaking on here.

Thats what I would have done at 18. Only I had to wait until I was 45. Actually, I was trying to get my dad to take a look at an 63 250 GT California that was in a local paper here for $10K back in 1975. It needed a starter motor. Dad thought I was nuts for even thinking about it. Still fun to rib him about what thats worth today....

 

+1

Take your dad's 50k, keep the Volvo

invest that money. When you ll have won some money over the 50k and will be able to buy you a ferrari, you will never spend this money on it !!!

You ll understand "how much" it is really worth and will spend it on important thing.....


Other idea, tell your dad buy a <100k car (a ferrari) and use it during the week end.
You will enjoy the car but if you are smart, you will under that the best thing is to deserve what you have....

 

I've been lurking here on the boards, mostly to check up on the local forum (and tempted to subscribe for the Business & Investments section) but felt I should chime in here. I'm 20 myself and someday will achieve my goal of owning an exotic car because it is a passion of mine. Sure I'd love to have a Ferrari handed to me, but earning one is a whole different feeling. I know because I've already done it on a much smaller scale. My parents could've easily bought me a $30k car, but they didn't. I worked and bought a $16k Mazda 3 myself and it's a great feeling knowing that I earned it while they invest their money in me through more important means such as education and living comfort to achieve higher goals. When the time comes and I've worked my way up, purchasing that first exotic car will bring a great sense of accomplishment for years rather than a week long whoopdie-doo showing off that daddy handed me a set of keys.

Have you thought about what you have in a realistic sense? A house at 18? That right there is a huge chunk of investment that puts you at a greater advantage that many people your age. Take a step back see what you have. Have you even thought about all the other factors of owning a Ferrari? Insurance, maintenance, etc.

Take the knowledge your father has and learn from him. Apparently he has the skills to make enough to buy a Ferrari so why not try it yourself so you'll have a life ahead knowing you can buy one yourself anytime you please.

 

I"ve had too much single malt and thought this desires a bump...